CGL.TO vs. ZLB.TO
CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - CGL.TO is a Gold fund tracking the Gold Bullion, while ZLB.TO is a Canada Equities fund actively managed by BMO. CGL.TO is passively managed, while ZLB.TO is actively managed. Over the past 10 years, CGL.TO returned 10.99%/yr vs 10.66%/yr for ZLB.TO. At a 0.08 correlation, their price movements are largely independent. CGL.TO charges 0.55%/yr vs 0.39%/yr for ZLB.TO.
Performance
CGL.TO vs. ZLB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CGL.TO achieves a -3.19% return, which is significantly lower than ZLB.TO's 5.69% return. Both investments have delivered pretty close results over the past 10 years, with CGL.TO having a 10.99% annualized return and ZLB.TO not far behind at 10.66%.
CGL.TO
- 1D
- 0.25%
- 1M
- -9.62%
- YTD
- -3.19%
- 6M
- -3.25%
- 1Y
- 19.93%
- 3Y*
- 27.16%
- 5Y*
- 15.73%
- 10Y*
- 10.99%
ZLB.TO
- 1D
- 0.11%
- 1M
- 3.64%
- YTD
- 5.69%
- 6M
- 2.84%
- 1Y
- 13.46%
- 3Y*
- 15.21%
- 5Y*
- 11.24%
- 10Y*
- 10.66%
CGL.TO vs. ZLB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CGL.TO iShares Gold Bullion ETF (CAD-Hedged) | -3.19% | 60.08% | 25.70% | 11.26% | -1.07% | -4.58% | 23.41% | 16.58% | -3.19% | 11.68% |
ZLB.TO BMO Low Volatility Canadian Equity ETF | 5.69% | 20.40% | 15.31% | 9.41% | -0.35% | 22.93% | 1.51% | 21.92% | -2.76% | 11.11% |
Correlation
The correlation between CGL.TO and ZLB.TO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2011 | 0.08 |
The correlation between CGL.TO and ZLB.TO shifts across timeframes, from 0.08 (all time) to 0.27 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CGL.TO vs. ZLB.TO — Risk / Return Rank
CGL.TO
ZLB.TO
CGL.TO vs. ZLB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) and BMO Low Volatility Canadian Equity ETF (ZLB.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CGL.TO | ZLB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.27 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 2.34 | -1.47 |
| Martin ratioReturn relative to average drawdown | 2.49 | 6.85 | -4.36 |
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Drawdowns
CGL.TO vs. ZLB.TO - Drawdown Comparison
The maximum CGL.TO drawdown since its inception was -45.96%, which is greater than ZLB.TO's maximum drawdown of -33.96%. Use the drawdown chart below to compare losses from any high point for CGL.TO and ZLB.TO.
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Drawdown Indicators
| CGL.TO | ZLB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.96% | -33.96% | -12.00% |
Max Drawdown (1Y)Largest decline over 1 year | -24.93% | -5.67% | -19.26% |
Max Drawdown (3Y)Largest decline over 3 years | -24.93% | -8.01% | -16.92% |
Max Drawdown (5Y)Largest decline over 5 years | -24.93% | -13.00% | -11.93% |
Max Drawdown (10Y)Largest decline over 10 years | -24.93% | -33.96% | +9.03% |
Current DrawdownCurrent decline from peak | -22.50% | 0.00% | -22.50% |
Average DrawdownAverage peak-to-trough decline | -20.30% | -2.49% | -17.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.66% | 1.93% | +6.73% |
Volatility
CGL.TO vs. ZLB.TO - Volatility Comparison
iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) has a higher volatility of 7.67% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.63%. This indicates that CGL.TO's price experiences larger fluctuations and is considered to be riskier than ZLB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CGL.TO | ZLB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.67% | 2.63% | +5.04% |
Volatility (6M)Calculated over the trailing 6-month period | 24.08% | 7.60% | +16.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.61% | 9.26% | +18.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.54% | 9.62% | +8.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.53% | 12.22% | +4.31% |
CGL.TO vs. ZLB.TO - Expense Ratio Comparison
CGL.TO has a 0.55% expense ratio, which is higher than ZLB.TO's 0.39% expense ratio.
Dividends
CGL.TO vs. ZLB.TO - Dividend Comparison
CGL.TO has not paid dividends to shareholders, while ZLB.TO's dividend yield for the trailing twelve months is around 1.88%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CGL.TO iShares Gold Bullion ETF (CAD-Hedged) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZLB.TO BMO Low Volatility Canadian Equity ETF | 1.88% | 1.99% | 2.37% | 2.67% | 2.66% | 2.39% | 2.83% | 2.44% | 2.76% | 2.55% | 2.94% | 2.34% |
Frequently Asked Questions
CGL.TO and ZLB.TO have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZLB.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZLB.TO is cheaper with a 0.39% expense ratio, compared with 0.55% for CGL.TO.
CGL.TO is categorized as Gold, while ZLB.TO is Canada Equities. They also come from different issuers: iShares and BMO. Their fees differ too: 0.55% for CGL.TO and 0.39% for ZLB.TO.
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